EUR/USD spent the Tuesday morning in between the bounds of the 100– and 200-hour SMAs. A subsequent surge apparent mid-session allowed for a breakout of the former, the 55-hour moving average, the weekly PP and the monthly S2 in the 1.2400/45 area. At that point, the Euro lost its upside momentum and thus remained fluctuating within this territory. This trading day might mark another surge, as shown by technical indicators. This scenario is rather realistic, considering that the southern side is now protected by several notable barriers; meanwhile, the nearest resistance is formed by the distant weekly R1 at 1.2575. On the other hand, the pair has lost momentum up near the monthly S2. This factor might likewise be an early indication of a fall that should halt at the 200-hour SMA circa 1.2340.
